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Category Archives: fools ‘n frauds
Wells Fargo to Pay $500 Million for Misleading Investors
Wells Fargo has agreed to pay $500 million to settle the charges, which will be returned to investors. The $500 million payment is part of a combined $3 billion settlement with the SEC and the Department of Justice. Continue reading
Japanese Issue Arrest Warrant for Wife of Carlos Ghosn
Mr. Ghosn has scheduled a press conference today in Lebanon to give some comments on his arrest and pending trial. Carole Ghosn, not surprisingly, has been a vocal critic of the charges and Japanese justice system that is perverse by western standards. Continue reading
Nissan Blasts Ghosn as Unfit to Serve as An Executive
“The internal investigation found incontrovertible evidence of various acts of misconduct by Ghosn, including misstatement of his compensation and misappropriation of the company’s assets for his personal benefit,” Nissan said. Continue reading
Reuters Reports Carlos Ghosn Jumps Bail Before His Trial and Flees Japan for Lebanon Where He Can’t Be Extradited
“Ghosn’s abrupt departure marks the latest dramatic twist in a year-old saga that has shaken the global auto industry, jeopardized the alliance of Nissan Motor Co Ltd and its top shareholder Renault SA and cast a harsh light on the fairness of Japan’s judicial system,” Reuters reported. Continue reading
Posted in fools 'n frauds, litigation, people
Tagged auto industry commentary, autoinformed.com, Kenneth Zino, Reuters on Ghosn
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Universal City Nissan Sues Saudi Billionaire, Khaled al-Juffali and Nissan Motor, Among Others, over Payoff by Carlos Ghosn
auto industry commentary, autoinformed.com, Ghosn Matter, Kenneth Zino, West Covina Nissan, Glendale Nissan/Infiniti, Universal City Nissan, Morris Sage, Khaled al-Juffali, Byron Z. Moldo, Continue reading
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Nissan Scandal – a Gift That Keeps on Giving – Executive Officer and Vice COO Jun Seki Unexpectedly Resigns
The Nissan Corporate governance crisis is ongoing and comes as Nissan has started its new management under Representative Executive Officer, president and CEO Makoto Uchida as of December 1, 2019. Seki was to be a key executive in administering the turn-around that seeks to halt slumping sales, confusing brand images and expensive incentive programs. Continue reading
Posted in fools 'n frauds, litigation, news analysis, people
Tagged auto industry commentary, autoinformed.com, Ghosn Matter, Jun Seki, Kenneth Zino, nissan
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Republican Rep. Christopher Collins Guilty of Insider Trading
Collins was the first U.S. Representative to endorse Donald Trump for President of the United States, perhaps recognizing kindred spirit in his approach to self-serving actions, and he served on Trump’s presidential transition team. He resigned his seat in 2019 and afterwards pled guilty to insider trading and lying to the FBI. Continue reading
Thanksgiving 2019 – We Celebrate Our 399th Annual Feast
It was a war that was won – against all odds by militias, and irregulars forcing a standing British Army to surrender in the field for the first time since the tyrant Napoleon – because the Crown and its privileged generals were fighting an idea first put forth in our Declaration of Independence, then codified in our Constitution that “We the People” would govern ourselves. Now, once again, the courtiers of privilege and wealth are presiding over our fate. Continue reading
China – SEC Charges 18 Traders for Stock Manipulation
According to the SEC’s complaint, the traders used multiple accounts to place several small sell orders to drive down a stock’s price before using a different set of accounts to buy larger amounts of the stock at the artificially low prices. After amassing their position, the traders placed several small buy orders to push up prices so they could then sell their stock at artificially high prices. Continue reading
Ghosn Shakeout is Ongoing as Thierry Bolloré, CEO Renault SA, is Fired by the Board of Directors
The Carlos Ghosn matter has turned into farce as investigations into Nissan and its JVs with Renault 0n corporate governance practices post Carlos Ghosn revealed layers of incompetence and/or malfeasance, as well as various degrees of criminal activity that are rarely observed in western corporations. Continue reading
Fiat Chrysler Cops Plea on Fraudulently Reporting Sales
According to the SEC’s order, between 2012 and 2016, FCA US issued monthly press releases falsely reporting new vehicle sales and falsely touting a “streak” of uninterrupted monthly year-over-year sales growth. However, the growth streak had been broken in September 2013. Continue reading
SEC Charges Westport Fuels Systems and ex-CEO with Bribing a Chinese Government Official via a Private Equity Fund
According to the SEC’s order, beginning no later than 2016, Westport, acting through Gougarty and others, engaged in a scheme to bribe a Chinese government official to obtain business and a cash dividend payment by transferring shares of stock in Westport’s Chinese joint venture to a Chinese private equity fund in which the government official held a financial interest. Continue reading
Death of the Diesel: Volkswagen Board Crisis as Three Chairman Indicted in Germany for Stock Market Manipulation
As a result, the Supervisory Board of Volkswagen AG hastily convened a meeting, claiming that it was unaware that the indictments were coming since it was allegedly cooperating in the investigation by the public prosecutor. It will also meet again tomorrow to discuss what is company threatening development. Continue reading
Death of the Diesel: Daimler Guilty of Selling Dirty Diesels in Germany – Pays $957,000,000 Fine Rather than Litigate
The negligent violation of supervisory duties occurred on the department head level. It appears that the Daimler has refrained from taking a legal action challenging the fine notice because senior executives are not implicated. The public prosecutor’s administrative offense proceeding against Daimler AG is thereby fully concluded. This is not so at Volkswagen Group where senior executives were indicted today. Continue reading
UAW Balks at Reopening Workplaces
“The only guideline in a boardroom should be management asking themselves, “Would I send my family — my own son or daughter — into that plant and be 100% certain they are safe?” – UAW President Rory L. Gamble Continue reading →